- WazirX has relocated its headquarters to Dubai due to hefty tax laws.
- India has issued 30% crypto tax and 1% tax deductibles on crypto tradings.
- Dubai is a hub for cryptocurrency innovators and influencers with relaxed laws on trading digital assets.
WazirX, the largest cryptocurrency exchange in India, has now relocated its headquarters from India to Dubai following the South Asian country’s stringent crypto amidst the boom in the blockchain industry.
JUST IN: India’s largest #cryptocurrency exchange, WazirX, has relocated its base to Dubai, citing Indian heavy tax laws.— Watcher.Guru (@WatcherGuru) April 19, 2022
The abrupt shift occurred following India’s hefty 30% crypto tax and 1% Tax Deductible at Source (TDS) on all crypto transactions. The high crypto tax had significantly reduced crypto trading volumes in India.
WazirX maintains offices in Mumbai and Bengaluru despite the majority of the teams working remotely. According to multiple sources, WazirX CEO Nischal Shetty and co-founder Siddharth Menon left India with their families. Whereas Sameer Mhatre, the co-founder and CTO of WazirX, will handle operations in India.
A WazirX spokesperson also stated that the organization, with employees in over 70 locations, works remotely. This allows employees to work from anywhere, regardless of where the company’s headquarters are located.
We are a remote-first organization with employees from over 70+ locations. This gives all the company employees the option to work from anywhere, subject to their comfort and convenience unless they are required to travel officially.
They also confirmed that WazirX’s headquarters will still remain in Mumbai and Bengaluru with zero to no changes in the firm’s daily operations. According to the spokesperson, investors, crypto startups, and exchanges are in search of a crypto-friendly hub where they can grow and thrive.
“It is not illegal to buy/sell crypto assets in India but we have put taxation treating it like winnings from horse races..” -T.V Somanathan (India Fin Secretary).It has more to do with their view than just tax. #reducecryptotax #faircryptotax Day-53 #IndiaWantsCrypto @Unocoin— Sathvik Vishwanath (Unocoin) (@sathvikv) March 26, 2022
Nischal Shetty aimed to establish a promising crypto ecosystem in India with his venture. But India’s current tax system has demotivated and caused several influencers, startups, and investors to trade in Dubai.